New Delhi, Feb 1: The budget is a little more demanding of the non-resident Indian. Firstly, to be categorized a non-resident, an Indian now has to stay abroad for 240 days, against 182 previously. In other words, an Indian national, to claim the non-resident status, can’t stay in India for 120 days or more in a year.
“We've made changes in Income Tax Act where if an Indian citizen stays out of the country for more than 182 days, he becomes non-resident,” said Revenue Secy Ajay Bhushan Pandey. “Now in order to become non-resident, he has to stay out of the country for 240 days.”
The second rule is more deadly: a non-resident Indian, who is not taxed in the foreign country, will become taxable in India.
“If any Indian citizen is not a resident of any country in the world, he'll be deemed to be a resident of India and his worldwide income will be taxed,” said Pandey.
"It's a very big disadvantage for Indians residing overseas only to save on tax," said Dinesh Kanabar of Dhruva Advisors. He expects that many Indians stay abroad in countries, where the income tax is low or nil such as Dubai. Now they will be taxed in India if they are in the income tax bracket.
For Indians, finance minister Nirmala Sitharaman revised income tax rats and proposed new tax slabs.
The new income tax rates will, however, not allow exemptions under Section 80C. Home loan exemption, insurance exemptions, the standard deduction will also not stay under the regime.
"The new tax regime will be optional and the taxpayers will be given the choice to either remain in the old regime with exemptions and deductions or opt for the new reduced tax rate without those exemptions," Sitharaman said while unveiling Budget.
He was hospitalized on the previous day after he suddenly took ill.
Comments
No words to speak after hearing the sad demise my favorate Mr. P.C.M. Kunhi. I met him last year in the month of April 2015 on my vacation in a programme. He spoke to me and asked about my wishes. Great Educationist, Academist, Philanthropist and wise man.
Helping hand for poor. I was with him in Yenepoya Dental College at Zulekha Complex, Bunder.
May Allah bestow him Jannathul Firdouse and Give him a cool and heavenly life in Barzak.
Aameen Ya Rabbul Aalameen..
Innaa Lillahi Wa Innaa llaihi Raajivoon. May the departed soul rest in peace. May Allah accept all his good deeds and forgive the sins. May Allah bless him with Jannah. May Allah give sabr ( patience ) to the grieved family to bear the loss of their dear one.
Heartfelt condolences.
our deepest condolences to the family members of pc kunhi,
we pray with almighty Allah give patience and strength to the nearest and dearest of all his family members, this is a great loss to all of us, once again we pray for the magfirah of departed soul of kind and soft man. Ameen
to Allah we belong and to Him is our return
our heartfelt condolences to the family members of pc kunhi . may Allah give patience, strength to all his nearest and dearest, the great loss of our family, my deepest condolence to all of them,
we once again pray with almighty for the maghfirah of departed soul of kind and soft man, ameen
Please accept our deepest condolences, \to Allah we belong and to Him is our return\""
Inna Lillahi wa Inna Ilahi Rajiwoon. Very sad and shocking news. We are with the aggrieved family
Inna Lillahi wa Inna Ilaihi Rajioon. May Allah grant him jannah. Indeed he was a great motivator. Hope his son Hashir will fulfill dreams of his father.
A great loss to the community and society. He was a role model for many. Despite his ill health he continued to fulfill his responsibilities.
Inna lillahi wa inna ilaihi raajioun. May Almighty Allah bestow with Jannathul Firdouse. A big loss to entire coastal muslims as well as for Islamic Academy of Education (Yenepoya University).
INNA LILLAHI WA INNA ILAIHI RAAJIOON.
The big loss for Muslim Community. He was the Correspondent of Badria College for decades.
May Almighty ALLAH bless him with Jannathul Firdous.
Inna Lillahi Wa inna ilaahi rajioon
The Great Academician, Educationist, Administrator,Philanthropist. the really big loss for the society, we wish him to take rebirth.
RIP, condolences to the family and loved ones.
RIP sir
wanaqalat shaqqana
unbelievable...really really hard to believe
Unbearable loss to the society “RIP”
Inna Lillahi Va Inna Ilaihi Raajivoon...
Inna Lillahi wa Inna Ilaihi Rajihoon. Allahummghfirlahoo warhamhoo whafu anhoo Yaa Rabbal Aalameen. May Almighty Allah bestow him with the Janathul Firdouse. ameen.
Inna lillahi wa inna ilayhi raji'un
inna lillahi wa inna ilaihi raajioun. we pray almighty allah to bless late.prof.p.c.m.kunhi, with his jannathul firdouse, aameen. our heartfelt condolences to the family members of prof.p.c.m.kunhi. may almighty allah give patience, strength and forbearance to all his family members to bear the brunt of bereavement. a soft spoken, well qualified civil engineer, educationist., academician and also an entrepreneur with humility. a very good footballer and a keen sportsman in his heydays. prof.p.c.m.kunhi, is closely known to us for the past 40+years., since his teaching days in krec-surathkal (now-nitk). particularly mangalore muslim community and others have lost a decent gentleman with high esteem. we once again pray with almighty allah for the maghfirah of the departed soul of this noble gentleman, aameen.
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